Buy buy buy... Five year lows have been hit 28 times since 1928. Here's the data:

I dusted off my analyst skills and crunched some data...

 

Since October 1, 1928, the Dow Jones Industrial Average has hit a 5 year low 28 times, including today.  Those days all clustered around three previous periods:

April 1942

May 1970

October of 1974

Even the crash of '87 didn't put us anywhere near historical 5 year lows for that period--investors were still way ahead.

If you went back put money into the market right at the close of any day that the market hit a 5 year low, here's what your returns would look like over the next year:

Average 1 year return: 36.1%

Average 3 year return: 13.3%

 

Even the worst cases didn't look so bad:

Minimum 1 year return: 16.5%

Minimum 3 year return: 9.1%

 

If I had any extra cash right now, I'd be a buyer.